Welcome to our 2024 Transparency Report
We are pleased to present our Transparency Report for 2023/24, which shows how we maintain quality in our audit work. We have prepared this Transparency Report, in respect of the financial year ended 30 June 2024, in accordance with the requirements of Article 13 of the EU Regulation No. 537/2014. The report describes our policies, systems and processes for ensuring quality and the way we foster a culture of quality at every level of the firm. It details some of the companies we performed audits for and the total revenue from our audit and non-audit work.
The audit profession continues to face challenges as the expectations that society places on us change fast due to big trends like demographic shifts, technological advances, instant flow of information and many others. We understand the need to adapt to changes and set high quality standards for all client engagements and all types of services we deliver.
While PwC is a multidisciplinary firm, our 2024 Transparency report gives you information about our systems of quality control over audits and how the firm is governed. It also describes our policies and processes. This report is primarily focused on our audit practice and related services and included in the report is an update from Arna G. Tryggvadóttir, who leads our audit practice.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. We are committed to driving a strong culture of quality and excellence that is core to our purpose.
Ljósbrá Baldursdóttir
Territory Senior Partner and CEO
Ljósbrá Baldursdóttir, Territory Senior partner and CEO, PwC Iceland
Code of conduct PwC
The PwC Code of Conduct defines the working methods and behaviors we expect of all our employees; to work as professionals, to do business with integrity, to honor the reputation of our clients as well as our own. Treat people and the environment with respect and always act with social responsibility.
The Code is an appendix to the laws, rules and internal policies we follow. The reason why we have implemented a special code of conduct is because we believe it is important that our customers, staff and others understand what we stand for and what they can expect from us. The PwC Code of Conduct is an integral part of our work practices around the world. We work towards common goals and consider the moral aspects of our work.
Third party code of conduct
Our standard
PwC is committed to monitoring compliance against its internal standards and policies. Compliance with our standards and policies is an important component to the success of PwC.
How this applies to third parties
PwC expects Third Parties to have processes and controls in place to comply with this Code. Where appropriate, PwC conducts risk-based due diligence on Third Parties as part of assessing its relationship with Third Parties. PwC expects Third Parties to provide complete and accurate information to facilitate due diligence efforts undertaken by PwC, where requested. If PwC determines that a Third Party has breached this Code, it may require the Third Party to implement a remediation plan, or, in certain circumstances, it may suspend or terminate the relationship with the Third Party.
